The property was on the market nine days and had received multiple offers. It sold for just over list price and closed escrow in sixty days. The buyer utilized a conventional loan to purchase the property.

Michaels has released a new online tool for obtaining the most reliable information on Las Vegas home values. The online tool retrieves data directly from the local MLS. Users can also receive a monthly snapshot of their Las Vegas home values. The tool can be accessed here: http://www.MichaelsRealEstate.com/LasVegasHomeValues

Initial challenges in selling the property involved a lack of tenant cooperation. Some buyer's agents reported being locked out by the tenant. Other agents who were finally able to gain access recounted disturbing physical conditions. One agent claimed "...it was so bad in there, I had to put my shirt over my nose to breath."

By the close of escrow, the property had become vacant. "The most common challenge with selling an occupied rental property is gaining the tenant's cooperation. Unless the owner compensates the tenant, there is no real motivation for the tenant to work with us and keep the house open to potential buyers," says Michaels. Selling a vacant investment property, however, also has its challenges. "Vandalism is a high risk right now. Unexpected serious damage, like a water leak, can go unnoticed for days when no one is there to report it. And then, obviously, there is the loss of rental income. If a rental property is vacant, the key is to sell it fast," notes Michaels.

Selling the property quickly is a welcome relief for out of state property owners who often incur expenses that local owners may not. Many property management companies charge extra to oversee projects outside the scope of collecting the rent. So not only does the owner pick up the tab for maintenance and legal fees, but many are also paying project management fees for repairs or upgrades not covered by the management company's contract.

Another challenge frequently encountered by out of state owners is finding the right Las Vegas real estate agent. Displeasure with services received from their property management company can cause owners to start looking elsewhere for another real estate company to handle the sale, which can take time. Michaels' client indicated hiring her after just one phone conversation. "I had been given referrals...many people had been sending me letters and calling me but when I talked to Tania, I knew she was the one. She is calm and takes the time to explain things. I was confident in her even though I had never met her. It's wasn't complicated but it took time. In the end, I went with my gut."